Refer to the accompanying figure. Moving from demand curve D1 to demand curve D2 illustrates a(n):
A. decrease in demand.
B. increase in demand.
C. decrease in quantity demanded.
D. increase in quantity demanded.
Answer: B
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The table above gives the labor market for a small foreign economy. Equilibrium in the labor market occurs at a real wage rate of
A) $7.15 per hour. B) $8.50 per hour. C) $9.00 per hour. D) $7.65 per hour. E) $8.00 per hour.
The value of the marginal product is equal to the marginal revenue product under perfect competition in the product market because:
a. price is equal to average revenue. b. price is equal to average cost. c. marginal revenue is equal to marginal cost. d. price is equal to marginal revenue. e. average revenue is equal to average cost.
Suppose Mariana purchases the needed land fromAbe,Ben,Cat,and Don for the value she calculated the land to beworth,but Eva refuses to sell the land for the same price as the other 4 ranchers. Economists wold refer to Eva as a
If demand is elastic, then
A. The elasticity number E is less than 1. B. The elasticity number E is greater than 1. C. The elasticity number E is 0. D. The elasticity number E is equal to 1.